"Flipping heck, Tucker! What about the taxman?"

Property flipping is back.

Back in the day 2007 pre Northern Rock, £9.6M worth of property changed hands several times within a matter of months. Admittedly a lot of that was centred in London and many would have you believe that those times would never return. The news is that flipping is making a Lazarus type return. The London market with the additional surcharge tax on second property has been affected so the money is moving northwards to see what can be done outside the M25 corridor.

With flipping at its highest level since the crash the tax man's antenna has begun to twitch. And that will undoubtedly mean a more rigorous assessment of the flippers tax returns. Doing one or more deals a year and the good old HMRC may come a knocking. They may see this as you "trading property" and this could lead to a rather large unwanted income tax bill!

"But I live in the property as my main residence." I hear you say! Unfortunately parking your arse on a mattress in the corner of a room between that Tesco "Chow Mein For One" and the paint thinner ain't going to fool anyone let alone Her Majesties finest! That ain't your main residence is it! If the taxman can show that the flipper bought the property intending a quick sale then the exemption disappears.

Flipping may be back - but don't forget the taxman!